Travellers International Hotel Group Inc., the company that operates Resorts World Manila, will push through with its initial public offering (IPO) later this month.
The announcement, which was made in an offering memorandum, will see Travellers finally push through with the IPO offering after initially delaying it earlier this year because the capital-raising exercise came at a time when the current global market conditions were deemed as volatile.
Now, it looks like Travellers is moving forward with the IPO offering, with a final offer price set to be given on October 17 with the offer period scheduled to run from October 22 to 29.
The plan now remains the same as it was a few months ago before Travellers decided to hold off on the offering. The company is set to offer up to Php1.573 billion to the public in new common shares priced at Php23.28 per share with a suggested base offer of around Php36.78 billion, netting the company a market value of Php584.50 billion. Taking the over allotment option of Php235.98 million shares into consideration, the public offering would account to about 13 percent of the company’s total outstanding shares, amounting to about 14.159 billion shares after the IPO.
To help arrange the IPO offering, Travellers has assembled some of the biggest financial institutions – UBS AG-Hong Kong, BoFA Merrill Lynch, CIMB Securities, Maybank ATR Kim Eng and Religare Capital – to handle the matter while a slew of other companies, including CLSA Limited, Credit Suisse (Singapore) Limited and Morgan Stanley & Company International PLC, have been asked to be joint international co-book runners.
Once the proceeds from the IPO come in, Travellers said that the money will be used for “general corporate purposes, including financing capital and project expenditures as well as equipment leases and purchases”.
